43:15A-100 Amount of retirement allowance for law enforcement officer.
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/nj/title-43/chapter-15a/43-15a-100·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. Upon service retirement as a law enforcement officer a member shall receive a service retirement allowance consisting of:
a. An annuity which shall be the actuarial equivalent of his accumulated deductions together with regular interest and
b. A pension in the amount which, when added to the member's annuity, will provide a total retirement allowance equal to 2% of his final compensation multiplied by his number of years of service credit as a law enforcement officer for which he has made contributions up to 25, plus the amount determined as provided in section 48 of P.L.1954, c.84 (C.43:15A-48) for years of service credit other than service as a law enforcement officer, for which he has made contributions, plus 1% of his final compensation multiplied by his number of years of service credit as a law enforcement officer for which he has made contributions over 25 or for which he has made no contributions to the retirement system for the period while he was a law enforcement officer or, in the case of a veteran, while he was in office, position or employment of this State, or of any county, municipality, public agency or school district; provided, however, that in the case of any member electing to receive benefits under section 38(b) of chapter 84 of the laws of 1954, such benefits shall be payable at age 60.
The death benefit provided in section 48(c) of chapter 84 of the laws of 1954 shall apply in the case of any member retiring under the provisions of this section.
L.1955,c.257,s.4; amended 1956, c.55, s.3; 1963, c.121, s.2; 1971, c.213, s.40; 2001, c.353, s.17.